<p>Bengaluru: India’s gross Goods and Service Tax (GST) collections in October rose 9 per cent to over Rs 1.87 lakh crore, the second-highest ever, on pick-up in domestic sales and improved compliance. After adjustments, on a net basis, GST collections for the month rose 8 per cent to Rs 1.68 lakh crore</p>.<p>In October 2023, the GST mop-up was Rs 1.72 lakh crore. The highest ever collection was in April 2024 at over Rs 2.10 lakh crore.</p>.<p>Meanwhile, Karnataka recorded the second highest GST collections among the states, after Maharashtra. Mop-up from Karnataka came in at Rs 13,081 crore in October, up 9 per cent year-on-year.</p>.<p>Overall, for October 2024, central GST collections stood at Rs 33,821 crore, state GST at Rs 41,864 crore, integrated GST at Rs 99,111 crore and cess at Rs 12,550 crore.</p>.<p>GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 45,096 crore. Refunds worth Rs 19,306 crore were issued during the month, registering 18.2 per cent growth over the year-ago period.</p>.<p>“The improvement in the year-on-year (YoY) growth in gross GST collections to 8.9 per cent in October 2024 from the multi-year low of 6.5 per cent in the previous month is certainly encouraging. Nevertheless, the growth was compressed on account of the low rise in collections on imports in the month,” said Aditi Nayar, Chief Economist at ICRA Ltd.</p>.GST classical example of co-operative federalism: CJI Chandrachud.<p>Nayar said that growth in compensation cess collections was marginal in October 2024, at just 0.8 per cent, which reflects the weakness in the purchases of the items on which this is levied.</p>.<p>It should be noted that the collections in October 2024 pertain to transactions in September 2024.</p>.<p>Deloitte India Partner MS Mani said the buoyancy in GST collections is on account of an excellent combination of festive season sales and increased compliance.</p>.<p>"The driver appears to be domestic supplies... While many large states have recorded an increase in GST revenue above 9 per cent, some of them and many of the smaller states have shown a below average increase, which would be an area of concern for those states," Mani said.</p>.<p>The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, are slated to meet this month and take up the recommendations of the Group of Ministers (GoM) on rate rationalisation on over 100 items.</p>
<p>Bengaluru: India’s gross Goods and Service Tax (GST) collections in October rose 9 per cent to over Rs 1.87 lakh crore, the second-highest ever, on pick-up in domestic sales and improved compliance. After adjustments, on a net basis, GST collections for the month rose 8 per cent to Rs 1.68 lakh crore</p>.<p>In October 2023, the GST mop-up was Rs 1.72 lakh crore. The highest ever collection was in April 2024 at over Rs 2.10 lakh crore.</p>.<p>Meanwhile, Karnataka recorded the second highest GST collections among the states, after Maharashtra. Mop-up from Karnataka came in at Rs 13,081 crore in October, up 9 per cent year-on-year.</p>.<p>Overall, for October 2024, central GST collections stood at Rs 33,821 crore, state GST at Rs 41,864 crore, integrated GST at Rs 99,111 crore and cess at Rs 12,550 crore.</p>.<p>GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 45,096 crore. Refunds worth Rs 19,306 crore were issued during the month, registering 18.2 per cent growth over the year-ago period.</p>.<p>“The improvement in the year-on-year (YoY) growth in gross GST collections to 8.9 per cent in October 2024 from the multi-year low of 6.5 per cent in the previous month is certainly encouraging. Nevertheless, the growth was compressed on account of the low rise in collections on imports in the month,” said Aditi Nayar, Chief Economist at ICRA Ltd.</p>.GST classical example of co-operative federalism: CJI Chandrachud.<p>Nayar said that growth in compensation cess collections was marginal in October 2024, at just 0.8 per cent, which reflects the weakness in the purchases of the items on which this is levied.</p>.<p>It should be noted that the collections in October 2024 pertain to transactions in September 2024.</p>.<p>Deloitte India Partner MS Mani said the buoyancy in GST collections is on account of an excellent combination of festive season sales and increased compliance.</p>.<p>"The driver appears to be domestic supplies... While many large states have recorded an increase in GST revenue above 9 per cent, some of them and many of the smaller states have shown a below average increase, which would be an area of concern for those states," Mani said.</p>.<p>The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, are slated to meet this month and take up the recommendations of the Group of Ministers (GoM) on rate rationalisation on over 100 items.</p>